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This thesis offers an alternative of political leadership through a literature review of democratic theory as categorized into three models: classical, elitist, and egalitarian. The three models considered an ethical, an institutional, and an economic institutional postulate of political elites and their relationships. Still, the democratic elitist model emerging as the dominant model has been challenged by the egalitarian model enforcing economic institutional elites to be accountable to mass interest. As a competing idea, the egalitarian democratic model has been analyzed for its desirability over the democratic elitist model. This study is worthwhile in instigating an underscored concern surrounding economic institutional elites in the scope of accountable political elites, and in calling forth a further study on the preferred alternative, democratization of economic institutional elites.